The global economy is experiencing critical economic challenges as growth is projected to slow to 2.6% in 2024 which is just above the recession threshold of 2.5%. This marks the third consecutive year of subpar growth compared to the pre-pandemic average of 3.2%. Speaking of recession, Japan has recently slipped into the recession 2024 list of countries.

The country has unexpectedly entered a recession after its GDP shrank for two consecutive quarters. In Q4 2023, the economy contracted by 0.4% YoY, following a 3.3% decline in the previous quarter. Consequently, Japan has lost its position as the world's third-largest economy to Germany, with Japan's GDP at about $4.2 trillion and Germany's at $4.4 trillion. Economists had anticipated a 1% growth for Japan in Q4. The yen's 9% depreciation against the dollar in 2023 contributed to this shift, despite boosting Japanese export-competitiveness.

Apart from Japan, the United Kingdom has also been in the limelight for fighting the recession. According to Chancellor Jeremy Hunt, in terms of inflation, the UK currently boasts a lower rate compared to both the eurozone and the United States. However, despite this improvement, prices remain significantly higher than a year ago, with inflation measured at 2.3% in the UK, 3.4% in the U.S., and 2.4% in the eurozone.